More youtubing of the North SD County Coastal region:
Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
More youtubing of the North SD County Coastal region:
Maybe it’s just the video, but those houses aren’t very wide, but they seem pretty long. I’m guessing 2800-3500 sqft?
Is that 3 detached model houses or 6 deteriorating condos?
sorry, total off topic question for bubbleinfo.com friends: anyone know if you purchase a foreclosed home and the home has late HOA fees/penalties due and also an HOA lien on the house from the previous/orignal owner (which needs to be paid in full to release the lien), is the seller (i.e Bank) responsible for this $ amount, or the new buyer or ? Thanks for any info..
First, turn the shack into a hot dog stand. 🙂
Second, the same grey SUV passed by Jim twice in the same clip. Hmm.
So will the area ever see any housing completion whatsoever if the low income housing requirement is still in place?
leucadia renter,
Assuming the HOA lien/dues arose prior to the foreclosure, then the former owner is the one responsible for payment. The foreclosure should wipe out the HOA assessment lien, assuming the loan that foreclosed was recorded before the assesment lien, which is almost always the case.
There is a California case, Thelar v. Household Finance decided back in 2000 which resolved this exact question.
caselaw.findlaw.com/data2/californiastatecases/A088570.PDF
If Mirasol did push back the grand opening in order to complete the work first, I’m sure they will not appreciate your ‘pre-opening’ video. 🙁 JTR, always bringing the transparency, sometimes it’s not pretty…
This is why the bressi/magnolia deal had to go much cheaper than anyone expected….there is always a lot of work on unfinished homes where you have to go back and correct issues.
Have to factor those unknown, yet likely, items into your purchase price $ for $ plus profit…
Speaking of transparency, I’d like to see a light shined on the current practices of rampant Short Sale Shenanigans: An active short sale listing sits on the MLS priced way too high as an OPT for a month or two and then BAM – priced reduced 40% and goes pending the same day. Or alternatively, a property hits the MLS stupid low and goes pending the same day. Either way, the fix was in before the low price was listed.
My understanding from talking to Realtor friends is that the listing agent controlling the short sale is either an active member of the buying entity or a friendly co-conspirator who acts with the understanding of getting both sides of the short sale and the flip listing. Either way, THERE IS A REALTOR IN THE MIDDLE OF THIS FRAUD.
If I am wrong about this, please set me straight. Otherwise, the level of short sale fraud being perpetrated by Realtors should be a major topic of public discussion.
Leucadia,
Kingside is right. That’s why you pay for title insurance when you buy. They certify that the seller has cleared title and insures it. That’s why the premiums are so high, big incentive to be right and big cost if they’re not.
Chuck
California’s Unemployment Rate Unchanged at 12.5 Percent
Date: March 26, 2010
SACRAMENTO – California’s unemployment rate was 12.5 percent in February, and nonfarm payroll jobs decreased by 20,400 during the month,
according to data released today by the California Employment Development Department (EDD) from two separate surveys.
In January, the state’s unemployment rate was 12.5 percent, and in February
2009, the unemployment rate was 10.2 percent.
February, a decrease of 20,400 over the month, according to a survey of businesses that is larger and less variable statistically. The survey of 42,000 California businesses measures jobs in the economy. The year-over-year change (February 2009 to February 2010)shows a decrease of 586,400 jobs (down 4.1 percent).
http://www.edd.ca.gov/About_EDD/pdf/urate201003a.pdf
Drive thru realty, LOL.
Just try to collcet from title—anybody who knows someone who has, I would like to hear a story–I persoanlly have had 3 claims with no collections–and know of others with the same results–title collects, but never pays!!!
$250,000 modular homes = low income housing in North County. Now that’s unreal estate statement you gotta love.
The one title claim I was involved with was with First American.
The title officer said he made a mistake, and we needed to file a claim to try to make it right. Off to the legal division we go, and get completely stone-walled. They refused to do a thing, and literally said that we’d have to sue to get anything out of them, and only if we won.
My client’s loss was in the six-figures, though not entirely due to the mistake, but prompted by it. They wouldn’t have sold if the mistake wouldn’t have happened.
5 minutes vs 10.
I think the magic length for maximum attention span of a human on the internet is 5 minutes nowadaze Jim. Did your videos used to be shorter? seems like they used to be 4-6 mins on ave…
Interesting that there is case law in California saying the original owner is responsible for delinquent HOAs. I know for a fact that:
1) HOAs have foreclosed on banks who were holding REO properties and not paying off the liens. This happens primarily in the Bay Area, I have bid on them but lost. I believe there is a 90-day redemption period in CA after HOA trustee sale.
2) In Nevada HOAs are definitely coming after banks and third-party buyers at trustee sale. I am currently being pursued for almost $6k for a condo I bought. However, a group of the investors here in Las Vegas have filed a class-action lawsuit against the collection agencies claiming their fees are unreasonable. About 75% of the delinquent monies go to the collection agency, 25% to the actual HOA. So while the goal is not to stiff the HOA (it is in the best interest of everyone to pay the normal HOA dues), this racket perpetrated by the collection agencies has got to stop. They are basically riding a gravy train from banks who usually pay without asking questions.
why did you remove the video, jim
The listing agent of 215 La Costa Ave complained that I was advertising his listing, which is illegal.
I’m not going to split hairs over it, I need to avoid complaints/lawsuits because I don’t have time for them. But I made my point with him – stop running open houses to snag your own buyer, then slip the listing into the MLS with the buyer already found. It sounded like it was the first time he had ever come across such a thought.
I think the environment is so slimy, and ethics and morals so far removed, that it doesn’t occur to agents that what they are doing is wrong, and a breach of their fiduciary duties.